CHIP

When most of us dream of retirement, we imagine ourselves in our homes – sharing a meal with family or just relaxing in a comfortable spot.

But retirement can also bring financial strain. Seniors often face the challenge of managing with less cash flow than they anticipated or coping with unforeseen expenses.

We understand. HomEquity bank is the only bank dedicated to empowering older Canadian homeowners with smart, simple ways to use the value of their home during retirement.

For over 25 years The Canadian Home Income Plan (CHIP) our reverse mortgage solution has helped thousands of older homeowners enjoy more financial flexibility without having to sell or move. CHIP might be the solution for you.

Steve Ranson,

President and CEO HomeEquity Bank

Features of a CHIP Reverse Mortgage

Homeowners age 55 and older

No payments are ever required

No Income qualifications

No Credit requirements

Qualify for up to 50% of the value of the home

Money can be received as a lump sum, or over time or combination

Owner maintains title

They can sell or move at anytime

Receive the money tax free

Testimonials

“CHIP is a way to take advantage of the equity that you have in your home and use it for whatever purpose you want.”Sandy & Christopher M

“If you sell your home you’re gonna be living off the proceeds and what you’re doing now is not selling your home and living off the proceeds.”Edward F

“If it wasn’t for CHIP we would have had to sell our home.”James B

“Dealing with CHIP Home Income Plan was amazingly simple. I would recommend the CHIP program to anybody.”Jan & John M

Contact me today to discuss CHIP Reverse Mortgage solution and to learn more on how you can unlock the value in your home.

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Current Rates

Current variable mortgage rate is

2.95%

Current prime rate is

3.95%

Terms

Bank Rates

Payment Per $100k

Our Rates

Payment Per $100k

Savings

6 Months

3.34%

$490.86

3.30%

$488.77

$2.09

1 Year

3.59%

$504.03

3.49%

$498.74

$5.29

2 Years

3.74%

$512.02

3.54%

$501.38

$10.64

3 Years

3.89%

$520.07

3.44%

$496.11

$23.97

4 Years

3.94%

$522.77

3.64%

$506.69

$16.08

5 Years

5.59%

$615.64

3.59%

$504.03

$111.61

7 Years

5.80%

$627.97

4.04%

$528.19

$99.78

10 Years

6.10%

$645.76

4.14%

$533.64

$112.13

Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. E.& O.E.